Jan. 8 at 3:52 PM
TD Cowen reiterated
$PVLA Buy-
$133 and said that it has 'High Conviction of Success for the Ph3 mLM QTORIN Rapa SELVA Data,' in its Preview
$TARA $QNRX NVS PFE
TD Cowen said in its note:
Topline Ph3 mLM data of QTORIN rapa is due 1Q26.
We have high conviction data will show stat sig meaningful efficacy on its mLM-IGA 1° EP on
1) compelling Ph2 mLM PoC data showing robust efficacy and good safety/tolerability,
2) clinical evidence of oral/topical rapa's efficacy in mLM, w/ no spontaneous remission in natural history,
3) similarity of the Ph3 mLM-IGA 1° EP and the CGI-C used in Ph2.